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  • Unused Cell Phones to Be Collected from Homes This Year
    Unused Cell Phones to Be Collected from Homes This Year A new service will be introduced this year that allows postal workers to collect unused cell phones directly from homes. This initiative aims to encourage the disposal of old phones that residents have been hesitant to discard due to concerns about personal data leaks and complicated disposal procedures.The Ministry of Climate, Energy and Environment announced that in celebration of Resource Recycling Day on September 6, it will launch a month-long nationwide campaign called the 'National Waste Cell Phone Collection Movement' starting September 1. The campaign will expand collection routes for waste cell phones and enhance benefits for participants who donate their devices.While waste cell phones are subject to a producer responsibility recycling system, many people tend to keep unused phones at home for extended periods. This is often due to fears of personal data breaches, uncertainty about how to dispose of them, or the cumbersome disposal process.Throwing them away with regular trash poses risks as well. If waste cell phones are mixed with general waste, the lithium-ion batteries inside can cause fires during collection and processing.The government will first expand participation in the existing 'Sharing Phone' donation program. Currently, the Ministry of Climate and the Circular Governance organization accept donations of waste cell phones through this program, providing donors with donation receipts and carbon-neutral points. Profits generated from recycling waste cell phones will be donated to the Green Umbrella Children's Foundation.During the campaign, 3,000 citizens who donate their waste cell phones through the Sharing Phone program will be randomly selected to receive coffee coupons.Collection points for waste cell phones will also be increased. Separate collection boxes will be installed at administrative welfare centers and schools that wish to participate in the campaign. Notably, administrative welfare centers will continue to operate these collection boxes even after the month-long campaign ends, expanding the ongoing collection system.In areas without dedicated collection boxes for waste cell phones, small electronic waste collection boxes can be used. However, since the availability of collection boxes varies by administrative welfare center, individuals should check in advance whether a box is available.Additionally, the Ministry of Climate plans to implement a 'Safe Collection Service' in collaboration with the Korea Post and Circular Governance by the end of this year.Currently, donors must apply to donate through the Sharing Phone program and then send their waste cell phones to post offices or convenience stores at their own expense. With the new service, donors will be able to request a postal pickup during the donation application process.Users will simply need to package their waste cell phones and leave them at their doorstep after completing the donation application. A postal worker will then visit to collect the items and transport them to designated recycling facilities.The collected waste cell phones will not be discarded. Devices gathered through the Sharing Phone program or collection boxes will be sent to designated recycling facilities for resource recovery.Recycling facilities will first remove batteries from waste cell phones to reduce fire risks. They will then process the phones through shredding and melting to recover valuable metals, which will be reused as recycled materials. Any personal data remaining on the phones will also be securely destroyed during this process.Kim Go-eung, director of the Resource Recycling Bureau at the Ministry of Climate, stated, "Safely disposing of unused cell phones sitting in drawers is a small action that marks the beginning of resource recycling. We ask for the public's interest and participation in this campaign, which is being promoted in conjunction with Resource Recycling Day."* This article has been translated by AI. 2026-09-01 12:04:00
  • Foreign Securities Investment by Domestic Institutions Rises to $549.7 Billion
    Foreign Securities Investment by Domestic Institutions Rises to $549.7 Billion As stock prices in major countries rise, net investments in foreign stocks have continued, leading to an increase in the balance of foreign securities investments by domestic institutional investors.According to the Bank of Korea's report on 'Foreign Securities Investment Trends of Major Institutional Investors in Q2,' the balance of foreign securities investments by domestic institutional investors (at market value) was recorded at $549.68 billion as of the end of June. This marks an increase of $46.72 billion (9.3%) compared to the previous quarter.The balance of institutional foreign securities investments had increased for four consecutive quarters since the first quarter of last year (+$10.01 billion) but saw a decline in the first quarter of this year before returning to an upward trend in the second quarter.A Bank of Korea official explained, "The continued net investment in foreign stocks and valuation gains are attributed to rising stock prices in major countries, driven by expectations for expanded investments related to artificial intelligence (AI)."By investment entity, asset management companies (+$44.66 billion), foreign exchange banks (+$2.81 billion), and securities firms (+$0.1 billion) saw increases in their investment balances, while insurance companies (-$0.84 billion) experienced a decrease.In terms of products, foreign stocks increased by $45.76 billion. After experiencing the largest decline in three and a half years in the previous quarter, there was a significant rebound in the first quarter.During the second quarter, the U.S. S&P 500 index rose by 14.9%, and the Nasdaq Composite index increased by 21.4%. The Euro Stoxx 50 in Europe and Japan's Nikkei 225 also rose by 13.6% and 37.2%, respectively.Foreign bonds maintained their levels from the previous quarter. The mixed investment sentiment was a result of concerns over falling bond prices due to rising interest rates and the lure of bargain buying. In fact, the yield on 10-year U.S. Treasury bonds rose from 4.32% at the end of March to 4.47% at the end of June, an increase of 15 basis points (1 basis point = 0.01 percentage point).The balance of foreign currency-denominated securities (Korean paper) issued by domestic financial institutions or companies increased by $960 million, primarily driven by foreign exchange banks.* This article has been translated by AI. 2026-09-01 12:04:00
  • New Rules Tighten Eligibility for Foreigners to Contribute to National Pension
    New Rules Tighten Eligibility for Foreigners to Contribute to National Pension Foreigners who stay in South Korea for only a short period will no longer be able to exploit the system to receive pension benefits by making retroactive contributions to the National Pension. The Ministry of Health and Welfare and the National Pension Service announced that they have significantly strengthened the requirements for foreign contributions, shifting the criteria from mere registration to actual residency, and will implement a reciprocity principle that grants benefits only to foreigners from countries that allow contributions for their own citizens.The new regulations, which took effect on August 31, aim to prevent abuse of the pension system. The National Pension's retroactive contribution system allows individuals who have been unable to pay premiums due to unemployment or leave to make up for those missed payments later.The key change is the complete overhaul of the criteria for 'domestic residency' for foreign contributors. Previously, foreigners could make contributions as long as they maintained their registration and residency status, leading to concerns that some were taking advantage of South Korea's generous pension benefits while actually residing abroad.Under the revised guidelines, foreigners applying for retroactive contributions must now provide proof of their marriage status as well as an 'immigration record.' Notably, only months in which the individual has resided in South Korea for '15 days or more' will be recognized for contributions, starting from the month of entry to the month of departure.Furthermore, the Ministry plans to apply the principle of reciprocity to foreign contributions through legislative amendments. This principle means that rights granted to foreign nationals will be equivalent to those granted to South Korean citizens by their respective countries.Currently, reciprocity applies only to National Pension enrollment and lump-sum payments, but in the future, only foreigners from countries that recognize contributions for their citizens living abroad will be allowed to make retroactive contributions to the National Pension.Additionally, the government will enhance oversight of overseas beneficiaries. The frequency of checks to confirm the survival of overseas recipients will increase from once a year to twice a year to prevent fraudulent claims.Minister of Health and Welfare Jeong Eun-kyeong emphasized, "The National Pension is a system designed to secure the retirement income of citizens residing in South Korea, and we will ensure that there are no cases of abuse, such as receiving pensions while only temporarily residing in the country."Kim Seong-joo, Chairman of the National Pension Service, also stated, "We will strengthen post-management of pension beneficiaries by expanding the exchange of death records between countries and shortening the verification period for entitlement." * This article has been translated by AI. 2026-09-01 12:00:00
  • Roberto Moreno Appointed Interim Coach of South Korean National Soccer Team
    Roberto Moreno Appointed Interim Coach of South Korean National Soccer Team Roberto Moreno, a Spanish national, has been appointed as the interim head coach of the South Korean national soccer team. This decision comes about two months after former coach Hong Myung-bo resigned following the team's exit from the group stage of the 2026 FIFA World Cup in North and Central America. This marks the first time a Spanish national has taken the helm of South Korea's A team.The Korea Football Association approved the appointment of Moreno and five other interim coaching staff during its seventh board meeting held on September 1 at Korea Football Park in Cheonan, South Chungcheong Province.This is the first time the association has selected an A team coach through a public recruitment process. According to sources in the soccer community, after an initial document review and a second online interview, Hyun Young-min, the head of the Strengthening Committee, traveled to Europe for in-person meetings to conduct thorough evaluations. Moreno was ultimately chosen for his strong data utilization skills and high scores in opponent analysis, outpacing other prominent candidates such as Dominique Torrent and Jesus Casas.Hyun stated, "Given the public interest in procedural legitimacy and fairness in the selection of the interim coach, we made significant efforts to adhere to the standards set by the Korea Sports Council. Coach Moreno already has a strong understanding of Korean soccer and has shown impressive enthusiasm by presenting various tactical alternatives. I hope the Moreno-led team will contribute to a positive atmosphere and improved performance for the national team."Moreno's term will last until November 27. He will lead the team in a total of six A matches, including games against Ecuador on September 24 and Uruguay on September 28, as well as matches in October against Venezuela on the 2nd and Uzbekistan on the 6th. Although he is currently in an interim position, it is reported that his contract includes a provision for an extension to lead the team through the 2027 AFC Asian Cup in Saudi Arabia, depending on performance evaluations during this period.Born in 1977, Moreno did not have a professional playing career. He entered the soccer world as a video analyst and has pursued a coaching career since his twenties. He is particularly known for being the right-hand man of current Paris Saint-Germain coach Luis Enrique, having assisted him as a head coach and coach at AS Roma, Celta Vigo, and FC Barcelona. In 2019, he led the Spanish national team in nine matches, achieving seven wins and two draws, successfully qualifying for the UEFA Euro 2020.However, his subsequent coaching stints have been mixed. He did not achieve notable success at AS Monaco and Granada. Most recently, he managed FC Sochi in Russia, where he led the team to promotion to the top league for the 2024-2025 season but was dismissed due to poor early-season performance. During his time at Sochi, he faced controversy over the use of ChatGPT, which he clarified was solely for translation purposes due to language barriers.Moreno's coaching staff will also consist entirely of Spanish nationals. Leading the team will be Eduardo Docampo, who served as the head coach at Sochi, along with Shint Magriña (analysis and training), Victor Bravo de Soto (training), Javier Chocarro (physical training), and Nico Bosch (goalkeeping coach). They will begin their training sessions ahead of the September A matches. 2026-09-01 12:00:00
  • 2027 Budget Proposal Includes $162.3 Billion Future Response Fund
    2027 Budget Proposal Includes $162.3 Billion Future Response Fund The government plans to establish a 'Future Response Fund' worth 162.3 trillion won for the upcoming year. This fund aims to invest in youth, local areas, growth drivers, education, and talent development by setting aside additional tax revenue from the booming semiconductor market. It is designed to allow for flexible responses to changes in fiscal conditions, such as tax revenue shortfalls. However, there are concerns that the government’s discretion in managing over 100 trillion won in surplus funds could become excessive without prior approval from the National Assembly.On September 1, the government approved the '2027 Budget Proposal' during a State Council meeting chaired by President Lee Jae-myung.Park Hong-keun, Minister of Economy and Finance, stated, "The Future Response Fund serves as a strategic investment platform to utilize large tax revenues for productive spending and enhance the efficiency of fiscal management."The fund's size has been confirmed at 162.3 trillion won, with the government explaining that it has accumulated additional tax revenue exceeding the trend of domestic tax over the past decade. There are no set minimum accumulation levels or duration for the fund. It will be managed considering the semiconductor market and business expenditure, with provisions allowing for changes of up to 30% in key items without prior approval from the National Assembly.A Ministry of Economy and Finance official explained, "The Future Response Fund encompasses both project and financial fund characteristics, but given the large proportion of surplus funds, we applied the 30% standard for financial funds."Of the total, 45.4 trillion won will be directly invested in projects, while 104.4 trillion won will be held as surplus funds. An additional 12.5 trillion won will be allocated from the Future Response Fund to the general account and the public fund management fund to reduce new government bond issuance.Next year’s projects will focus on four key areas: youth, growth drivers, local areas, and education and talent development. Comprehensive support will be provided across various stages of growth, from job creation and entrepreneurship to housing, assets, marriage, and childbirth. Investments will also be made to elevate South Korea to a global leader in artificial intelligence (AI), support equity investment-type research and development (R&D), and foster new industries beyond semiconductors.The largest account among the four will be the local account, which will be established at 15.3 trillion won. Projects include the Local Future Growth Support Fund (3.5 trillion won), the National Living Convenience Complex Center (1.5 trillion won), and agricultural AI transformation demonstrations (200 billion won).The growth driver account, totaling 14.2 trillion won, will fund the development of frontier-level AI (4.7 trillion won) and the Everyone's AI initiative (250 billion won). Other projects in this account include the establishment of autonomous driving demonstration cities (800 billion won) and supply chain stabilization (200 billion won).Additionally, the youth account and the education and talent account will receive 13.3 trillion won and 10.1 trillion won, respectively. The government plans to enhance lifecycle support through initiatives such as a marriage, childbirth, and childcare package (3.8 trillion won), universal public rental housing (1.4 trillion won), and future talent growth funds (700 billion won).Next year, the surplus funds are expected to amount to approximately 104.4 trillion won. A Ministry of Economy and Finance official noted, "If domestic tax revenue increases due to the September revenue reassessment, we will add the increase from 2026 to the fund. If deemed necessary from a policy perspective, we can respond flexibly through fund adjustments without needing a supplementary budget."The government also announced plans to address tax revenue shortfalls using the fund. However, there are ongoing concerns that relying solely on the fund to respond to significant tax revenue drops could increase government discretion without discussions with the National Assembly.In response, the Ministry of Economy and Finance asserted that the Future Response Fund has a higher capacity to respond than the general account. Deputy Minister Cho Yong-beom explained, "When a tax revenue shortfall occurs, it must be addressed through revenue adjustments, which requires going back to the National Assembly. We will ensure stable fiscal management by quickly reinforcing finances within the scope defined by the Future Response Law."* This article has been translated by AI. 2026-09-01 11:56:20
  • 2027 Budget Proposal: 50 Trillion Won for Local Integration and Free Tuition for 30 National Universities
    2027 Budget Proposal: 50 Trillion Won for Local Integration and Free Tuition for 30 National Universities The government plans to invest up to 20 trillion won over four years to support local-led growth and provide financial incentives. Additionally, it will fully subsidize tuition for 30 national universities in local areas. On September 1, the Ministry of Planning and Budget presented the 2027 budget proposal at a Cabinet meeting. To bolster local-led growth, the number of projects applying the local preference principle will increase significantly from seven to 61. The government will provide financial incentives of up to 20 trillion won over four years to ensure the stable establishment of integrated special cities. For the upcoming year, the financial incentive amount is set at 5 trillion won, which includes 3.5 trillion won from the Future Response Fund and 1.5 trillion won from the semiconductor special account. Minister of Planning and Budget Park Hong-keun stated, "We will significantly expand projects applying the local preference principle and establish a super-regional special account to support the 5 regions and 3 special projects, while also increasing the comprehensive grants that local governments can autonomously allocate. We will ensure that administrative integration incentives of up to 5 trillion won annually, totaling 20 trillion won over four years, are provided without disruption." To support the 5 regions and 3 special areas, a super-regional account worth 2.8 trillion won will be established, and the comprehensive grants that local governments can autonomously allocate will be increased. As a result, the total amount of comprehensive grants will rise from 10.6 trillion won to 11.9 trillion won, with the number of projects increasing from 121 to 150. A new special grant for growth engine industries will be introduced to support large-scale investments by anchor companies in local areas, covering up to 50% of facility investment costs. The grant will amount to 700 billion won, with large companies eligible for 300 billion won and medium-sized enterprises for at least 100 billion won. The grant rate will be determined based on the facility investment amount, accompanying investments from upstream and downstream companies, job creation, and local economic impact. The government plans to match 2 to 5 times the investment grants provided by local governments with national funds. Tuition will be fully subsidized for 30 national universities in local areas, excluding medical, dental, pharmacy, and veterinary schools. Additionally, 700 billion won will be allocated for the development of local national universities, and 500 billion won will be invested in fostering regional national university hospitals. The scholarship budget is set at 200 billion won. Furthermore, the regional talent scholarship will be expanded from 800 billion won to 1.15 trillion won, with 10,000 new students selected for admission to regionally specialized private universities. To improve local educational infrastructure, a new Future Talent Growth Fund of 700 billion won will be established. This will support 21 local national universities, excluding teacher training colleges, in autonomously investing in attracting distinguished scholars and advanced research. An additional 600 billion won will be allocated to build educational and research infrastructure for science and engineering at private universities in connection with regional strategic industries, including mega-projects. Minister Park stated, "We will establish a special grant for growth engine industries and expand support for essential medical services in local areas, while fully subsidizing tuition for national universities in local regions." 2026-09-01 11:56:10
  • 2027 Budget Proposal: Ministry of Oceans and Fisheries Allocates 8.3 Trillion Won
    2027 Budget Proposal: Ministry of Oceans and Fisheries Allocates 8.3 Trillion Won The Ministry of Oceans and Fisheries has proposed a budget of 8.2636 trillion won for the upcoming year, marking a 10.8% increase from this year's budget of 7.4583 trillion won. This is the highest growth rate since the ministry's re-establishment. The budget will focus on developing marine capital, restructuring the fishing industry, responding to the Arctic route, and the digital transformation of the marine industry.According to the ministry, the total expenditure budget is set at 8.014 trillion won, an 8.9% increase from this year. Additionally, 249.6 billion won has been allocated for ministry projects under policy funds, including future response funds.In terms of allocation, 3.8795 trillion won is designated for fisheries and fishing villages, the largest increase among sectors. The shipping and port sector will receive 2.2005 trillion won, while logistics and other areas will be allocated 1.1629 trillion won. The marine environment will see 497.7 billion won, and research and development (R&D) will receive 918.3 billion won.The ministry plans to shift its fisheries management to focus on total allowable catch (TAC) starting next year, alongside efforts to reduce and modernize fishing vessels. This aims to transform the fisheries management system.A budget of 506.2 billion won has been allocated for transitioning the management system of coastal fisheries, a 147.4% increase from this year's 204.6 billion won. The new system will verify catch amounts at landing stages and inspect landing ports, while also establishing an operational fisheries information management center and providing policy funding. The budget for resource assessment and management system development for TAC calculation will increase significantly from 900 million won to 6.7 billion won.Funding will also support the restructuring of fishing vessels. The budget for reducing coastal fishing vessels will expand from 203.7 billion won to 348.8 billion won, and a new fund of 45.2 billion won has been allocated for modernizing coastal fishing vessels. The ministry plans to focus on reducing coastal fishing vessels over the next five years while promoting the modernization and enlargement of the remaining vessels.Developing marine capital is another key focus of next year's budget. The ministry aims to cultivate the southern region centered around Busan into a super-regional economic zone focused on marine industries, allocating 622.8 billion won for related projects, a 13.3% increase from this year.To support the construction of eco-friendly ships by shipping companies relocating to the region, 12.1 billion won has been newly allocated. The budget will also support the training of advanced marine industry talent and the establishment of technology verification infrastructure. Regarding the Arctic route, preparations for trial operations, data accumulation, and international cooperation will be pursued, with a related budget of 98.3 billion won, a 24.1% increase from this year.Investments in port automation and digitalization will also be expanded. A new investment of 7.4 billion won will be made for a demonstration project applying physical AI to port loading and transportation equipment, while the budget for developing smart port operation technology will increase from 9.4 billion won to 18 billion won. Additionally, 15.7 billion won has been allocated for developing fully autonomous ship technology, an increase of 9.4 billion won from this year. A project to support the introduction of autonomous navigation systems on 40 national vessels will begin in 2027.Furthermore, funding related to the distribution of fisheries has been allocated. The budget for smart aquaculture will increase from 15.2 billion won to 32.6 billion won, and 6 billion won has been newly allocated for mechanizing the labor-intensive aquaculture sector. A total of 102 billion won will be invested in smartening and supporting the operation of seafood processing facilities. Support for exports will also be expanded, including the establishment of K-GIM leading zones to boost seaweed exports and efforts to explore overseas markets for seafood.In support of fishing villages, 9.6 billion won has been newly allocated for the public operation of coastal passenger ferries, which will be directly operated by the government on 11 routes next year. The ministry will also promote projects to improve housing and welfare infrastructure in fishing villages and support youth internships for settlement.In the marine environment sector, 5.7 billion won will be newly invested in establishing a system to manage illegal occupation and use of public waters. The budget for collecting marine debris in vulnerable coastal areas will increase from 10.2 billion won to 17.5 billion won, and marine debris collection robots will be introduced. Funding for the marine bio industry will also expand from 2.9 billion won to 21.1 billion won.Minister of Oceans and Fisheries Hwang Jong-woo stated, "Next year's budget aims to transform the growth paradigm in the marine and fisheries sector, focusing on the development of marine capital and the innovation of the fishing industry, ensuring that the public can feel the government's achievements. We will do our best to prepare for the National Assembly's budget review to support the great transformation and leap of our economy."* This article has been translated by AI. 2026-09-01 11:56:10
  • Nepal Deploys Joint Aerial Search Team Amid Major Floods
    Nepal Deploys Joint Aerial Search Team Amid Major Floods The government’s joint rapid response team dispatched to flood-stricken Nepal will conduct a joint aerial search with the Nepal Army on September 1. The Foreign Ministry announced that it is sending a 44-member Overseas Emergency Relief Team (KDRT) as well.A ministry official told reporters, "We are also considering the use of drones. The Fire Agency is reviewing the possibility of conducting aerial searches in collaboration with the Nepal Army."The official added, "Through discussions with the Nepalese side yesterday, we reached a basic understanding regarding the joint operation. With the help of the Nepal Army, the ground search team was able to move through certain areas. There is a possibility of conducting aerial searches or using drones in collaboration with the Nepal Army, which can be seen as significant progress depending on the timing."Additionally, the Foreign Ministry is sending the KDRT to Nepal. The KDRT is a relief team dispatched based on personnel from government ministries and related agencies to support disaster relief, rescue operations, and medical assistance in the event of large-scale overseas disasters. This deployment comes after the Nepalese government requested an emergency relief team from South Korea for search and rescue operations in the affected areas. This marks the first KDRT deployment since the wildfires in Canada in 2023.The KDRT will be led by Lee Gyu-ho, Director of the Ministry of Foreign Affairs’ Development Cooperation Bureau, and will consist of 44 members from the Foreign Ministry, the Korea International Cooperation Agency (KOICA), and the Fire Agency. They will board a military transport aircraft, the 'Cygnus,' in the evening and depart for Nepal. They are scheduled to conduct search and rescue operations in coordination with the Nepalese government for approximately ten days.Meanwhile, nine South Koreans remain unaccounted for due to the severe flooding. 2026-09-01 11:56:10
  • Southwest Region to Receive $1.5 Billion Annually for Semiconductor Development
    Southwest Region to Receive $1.5 Billion Annually for Semiconductor Development The South Korean government will invest 1.5 trillion won annually starting next year to develop a semiconductor cluster in the Gwangju and Jeonnam integrated region. Anchor companies making large-scale investments in non-capital region growth engines will receive up to 50% support for their facility investments. The plan focuses on the transition of manufacturing to artificial intelligence (AI) and region-led growth.The Ministry of Trade, Industry and Energy announced on September 1 that it has prepared a budget of 13.2573 trillion won for next year, an increase of 3.8231 trillion won (40.5%) from this year. This is the largest budget in the ministry's history and the highest growth rate recorded. Including the ministry's projects under the Future Response Fund (9.118 trillion won), the actual budget for the ministry will be 14.1691 trillion won, a 50.2% increase from this year.The ministry identified key investment areas for next year's budget as: M.AX and mega projects, advanced industries, region-led growth in the five major and three special areas, industrial and resource security, and responses to changes in the trade environment.Funding for M.AX and mega projects will more than double from 1.6309 trillion won this year to 3.7261 trillion won next year. Seven projects transferred to the Future Response Fund will also focus on M.AX-related initiatives.To develop AI solutions that convert the experience and know-how of skilled workers into AI data, 290 billion won will be allocated. Additionally, 120 billion won will support full-stack AI factories operated entirely by AI, and 115.8 billion won will be used to establish a data library for collecting and managing manufacturing data.Significant funding will also be directed toward the development of the southwest semiconductor cluster. As part of the Gwangju and Jeonnam administrative integration incentives, the government will provide a total of 6 trillion won over four years, starting next year, with 1.5 trillion won allocated each year. The funding will be sourced from a newly established special account for semiconductors.The specific projects will be autonomously designed by the integrated local government to align with the goal of creating a semiconductor cluster. Support may include semiconductor industry research and analysis, infrastructure development, support for resident companies, and necessary projects for building fabs.A ministry official stated, "The government will be responsible for budget preparation and execution, while the integrated local government will autonomously decide how to structure the projects. It is essential that the projects are organized and executed in accordance with the original purpose and use of the semiconductor cluster."The ministry's budget will focus on industrial infrastructure and cluster development. The Ministry of Land, Infrastructure and Transport and other relevant departments will support living conditions such as workforce mobility, housing, and transportation, while the Ministry of Environment will oversee the construction of power networks.The budget for region-led growth in the five major and three special areas will increase by 62% from 1.2797 trillion won this year to 2.0731 trillion won next year. This funding will support corporate investments and research and development (R&D) centered on 25 growth engine industries selected from seven non-capital regions.If anchor companies in growth engine industries make large-scale investments in local areas, they can receive up to 50% support for their facility investments. Eligible companies include large enterprises investing over 300 billion won and mid-sized companies investing over 100 billion won. The support rate will be determined based on investment scale, accompanying investments from upstream and downstream companies, job creation, and contributions to the local economy.Next year, a new allocation of 700 billion won will be set aside for special subsidies for growth engine industries in the five major and three special areas. Additionally, 140 billion won will be invested in large-scale R&D projects involving anchor companies, partner firms, and universities. The budget for the AX transition support for industrial complexes, including the establishment of AX demonstration industrial complexes and demo dark factories, will increase more than fourfold from 28 billion won to 1.162 trillion won.To foster advanced industries and secure cutting-edge technologies, the budget for supporting key technology development by industry will be set at 12.421 trillion won, a 4.3% increase from this year. The budget to enhance response capabilities to global supply chain crises for oil and critical minerals will be expanded by 84.5% to 36.825 trillion won.In response to ongoing geopolitical instability in the Middle East, the budget for expanding stockpiles and storage facilities for oil will be significantly increased. New funding will be allocated to enhance refining facilities and support technology development to diversify crude oil import routes. Additionally, due to the continued implementation of the oil price cap system, a budget of 1.4497 trillion won will be allocated in the fourth quarter to compensate oil refiners for losses.* This article has been translated by AI. 2026-09-01 11:56:00
  • White House explores steps for possible Trump-Kim deal
    White House explores steps for possible Trump-Kim deal SEOUL, September 01 (AJP) - The White House has asked the U.S. agency responsible for recovering missing service members to outline steps it could take in preparation for possible talks with North Korea. Kelly McKeague, director of the Defense POW/MIA Accounting Agency (DPAA), said Monday that his agency had been asked to outline what could realistically be done in the event of an agreement between Trump and Kim. McKeague made the remarks during a virtual discussion hosted by the National Committee on North Korea, a Washington-based nonprofit organization. He compared the request with preparations made before Trump’s first summit with Kim in Singapore in June 2018, saying the situation was “no different than the lead-up to the Singapore summit in 2018.” The DPAA, an agency under the U.S. Department of Defense, is responsible for locating, recovering and identifying American military personnel missing from past conflicts. McKeague said the agency has told both the White House and the Pentagon that it is ready to resume cooperation with North Korea on recovering the remains of U.S. troops killed or missing during the 1950-53 Korean War. According to McKeague, the agency proposed that North Korea return remains already in its possession and that the two countries resume joint field recovery missions for the first time since 2005. The DPAA has also proposed reviving a recovery model familiar to both sides, deploying two teams to areas around Unsan and Chosin, known in Korea as Jangjin, four times a year for 42-day periods. “We proposed this to the White House. We are ready,” McKeague said. The disclosure is notable as Trump has stepped up efforts in recent weeks to reopen a channel with Kim. Trump said on Aug. 19 that he expects to meet the North Korean leader later this year, while repeatedly emphasizing that maintaining a good personal relationship with Kim is beneficial. Reports have suggested that a meeting could potentially take place during an Asia trip later this year, although no summit has been formally announced. Trump has also moved to reduce the scale of major South Korea-U.S. military exercises that Pyongyang has long denounced as rehearsals for invasion. At Trump’s direction, South Korea and the United States shortened this year’s Ulchi Freedom Shield exercise and scaled back some field training, with Trump saying the drills could send a hostile signal to North Korea. Taken together, the White House inquiry to the DPAA and Trump’s recent overtures suggest the administration is at least exploring practical measures that could accompany a renewed diplomatic opening with North Korea. Recovering American war remains has historically been one of the few areas in which Washington and Pyongyang have managed to cooperate even during periods of strained relations. U.S. teams conducted 37 joint recovery operations in North Korea between 1996 and 2005 alongside personnel from the Korean People’s Army. Those operations ultimately led to the identification of 153 U.S. service members, according to the Pentagon. Field activities were suspended in 2005 amid U.S. security concerns. The issue again became part of high-level diplomacy during the 2018 Singapore summit. In their joint statement, Trump and Kim agreed to work toward recovering the remains of prisoners of war and service members missing in action, including the immediate repatriation of those already identified. North Korea subsequently handed over 55 boxes containing remains to the United States in July 2018, but plans for renewed joint excavation work failed to materialize as broader nuclear negotiations stalled. Trump and Kim met three times during the president’s first term, in Singapore in June 2018, in Hanoi in February 2019 and at the inter-Korean border village of Panmunjom in June 2019. Their diplomacy ultimately failed to produce an agreement on North Korea’s nuclear program, and formal negotiations have remained stalled since then. The DPAA estimates that about 5,300 U.S. service members missing from the Korean War remain unaccounted for in North Korea, making renewed access to excavation sites a longstanding priority for the agency. McKeague said remains recovery should be viewed first as a humanitarian mission but can also provide a diplomatic channel between countries with otherwise deeply strained relations. Still, North Korea has continued to accuse Washington of pursuing a hostile policy and vowed to strengthen its nuclear arsenal, highlighting the challenges facing any renewed dialogue despite Trump’s overtures. AJP Takeaways · White House asks DPAA to prepare options for possible North Korea talks. · DPAA is ready to resume U.S.-North Korea war remains recovery work. · Trump’s outreach to Kim continues despite Pyongyang’s nuclear stance. 2026-09-01 11:52:39